Bank set to slash base rate to 1 per cent

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Most City economists anticipate that the Bank will slash its base rate from 1.5 per cent to a new all-time low of one per cent, the fifth consecutive reduction since October.

That will benefit around four million home owners with tracker mortgages and as many as one million on variable rates. However, it is another huge blow for savers who have already seen returns on their investments cut to record lows.

Meanwhile, Britain's biggest credit card provider, Barclaycard, said that it is freezing its interest rates for at least four months. It is also reducing the rate charged on purchases for three million low-risk customers by between 2.5 per cent and five per cent.